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Kohl's Could Face a Second-Half Surprise

In the last year, shares of Kohl's (KSS) are down 38%. Investors are bracing themselves for a terrible second quarter and a big guidance cut when the company reports on Thursday. Is the bad news baked into the stock or are investors in for a second-half surprise?

When Kohl's reported first-quarter results on May 12, to the surprise of many, management didn't cut second-quarter guidance. Same-store sales fell 3.9%, below the consensus estimate of flat, and...